The European Commission, led by Ursula von der Leyen, is set to propose lowering the price cap on Russian oil from $60 to $45 to further restrict the Kremlin's financial resources for warfare. This plan seeks to combat the financial loopholes exploited by a growing shadow fleet of oil tankers. Additionally, the EU aims to impose sanctions on relevant businesses and banks connected to Russian oil operations, bolstering their efforts to limit Russia's funding and influence in the ongoing conflict in Ukraine.
The proposed lowering of the Russian oil price cap to $45 aims to significantly reduce Kremlin revenues and strengthen sanctions against their war efforts.
Targeting the shadow fleet for the first time, the EU hopes to discourage operations of tankers facilitating oil exports above the price cap.
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